Analysts currently expect the San Jose, Calif.-based networking gear maker to report earnings of 29 cents a share, on revenue of $8.5 billion, according to data from FactSet Research.

That's strikingly below numbers for the year-earlier period, when Cisco reported earnings of 40 cents a share, on revenue of $10.4 billion.

Cisco is the dominant player in the market for IT gear, commonly referred to as the plumbing, used to connect computer systems in a network or with the Internet. Like other tech giants, the company has been hurt by the slump in IT spending following the economic downturn.

But some analysts say there are indications of improving demand for IT gear.

"Checks with sources close to major Cisco channel partners indicate that orders were being booked and shipped late on the last day of Cisco's fiscal year," JMP Securities analyst Samuel Wilson said in a research note. "This appeared to be a good quarter for Cisco's government and education business, but tougher for enterprise, according to these sources."

Last month, Cisco scored an upgrade from Credit Suisse, which raised its rating to outperform from neutral, citing "expected earnings momentum against the backdrop of what we believe remain relatively low investor expectations."

"Our improved outlook is based on field checks as well as public data points that indicate improving business trends at Cisco throughout the quarter," analyst Paul Silverstein said in a note.

He said the improvement "is being driven by improving visibility and order trends in North America, which is offsetting ongoing weakness in the rest of the world."

Silverstein stressed, however, that improvement in demand does not appear to be "significant" or "robust," but rather "steady" and "modest," as the company gains "incremental visibility into its business."

Broadpoint.AmTech analyst Mark McKechnie said in a note last month that he expects Cisco Chief Executive John Chambers to offer a mixed picture of the market.

"We expect CEO John Chambers to sound better regarding US enterprise with stability in Europe and other geographies," McKechnie wrote. "Cisco may point to some small share gains in the carrier space, which still appears depressed despite positive top-down capex [capital expenditure] trends at US carriers."

Wedbush analyst Matthew Robison also underscored Cisco's domination market position, saying in a note, "Though the company has experienced a bit of market share erosion over the past couple years, we think management still has the best dashboard in the business for setting expectations."

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